15year fixed mortgages? Don’t think they have those hear in Canada. I think 10 is max. But with rates pretty stable over the last 10 years doesn’t make sense to do more than 5 fixed. I’d even say variable is better if you don’t mind having the stability and peace of mind of no fluctuation. Here in Toronto real estate has been increasing in price about 15-20% per year so really it paid off to get into the market when I did almost 15 years ago. Average single family home in Toronto now around $1M. I bought my first loft almost 15 years ago in an up and coming area. Sold it for double what I paid 5 years ago (rented it out while I lived abroad at a profit), and traded up to a place almost double the size 5 years ago for only 100k more than I sold the original one for. Now it’s probably already worth $3-400k more. Don’t plan on moving again until I can again double up in size/value or find something unique but 3000sf lofts are hard to come by.
Then again I know people who choose to live an hour outside the city where you can buy a 3000sf house for the price of a shoebox condo downtown.
R